Life insurance and family takaful provider agency, Sun Life Malaysia found that 4% of respondents in its survey reached the withdrawal limit of their Employees' Provident Fund (KWPS) account.
Commenting on the survey, Chief Executive Officer (CEO) Raymond Lew said there is still a big gap in the financial planning of Malaysians, especially in relation to building sufficient funds.
In support of the proposal, the survey also found that 18% of respondents have made special withdrawals in their EPF accounts and another 14% plan to do the same.
The results of this survey, Lew added, serve as a warning to Malaysians to think more about sources of income in their old age.
It is understood that the survey called 'Retirement Journey' had 1,853 respondents, aged over 42, most of whom outlined money and health issues as the main concerns during their retirement years.
Follow the survey summary below.
63% of respondents fear not having enough money to live a comfortable retirement.
88% of respondents will rely on EPF savings during their retirement years.
45% of respondents rely on insurance and takaful investments for old age savings.
61% of respondents said they do not expect dependence from children when they retire.
22% of respondents plan to continue working after retirement.
